Cash Flow

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (3,733,227) $ (3,240,728)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 44,075 33,113
Stock-based compensation 371,893 248,745
Change in fair value of contingent consideration 11,118
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 9,422 80,555
Prepaid expenses and other current assets 305,097 61,611
Deferred financing costs (10,173)
Accounts payable 667,605 442,007
Deferred revenue (752,527)
Accrued expenses and other liabilities (717,770) (551,369)
Other long term liabilities 383 (39,920)
Net Cash Used in Operating Activities (3,804,104) (2,965,986)
Cash Flows from Investing Activities    
Purchase of property and equipment (419,141) (5,555)
Net Cash Used in Investing Activities (419,141) (5,555)
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts 4,183,000
Proceeds from the issuance of common stock, net of commissions 3,573,380 2,357,479
Stock issuance costs (173,526) (214,237)
Net Cash Provided by Financing Activities 3,399,854 6,326,242
Effect of exchange rate changes on cash, cash equivalents and restricted cash 21,674 (67,431)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (801,717) 3,287,270
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 9,765,359 7,943,838
Cash, Cash Equivalents and Restricted Cash - End of Period $ 8,963,642 $ 11,231,108

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